Canadian Financial Close: C$ strengthens

By MarketsFarm

WINNIPEG, Dec. 1 (MarketsFarm) – The Canadian dollar was stronger on Thursday, although expectations that the Bank of Canada may slow its pace of interest rate hikes tempered the advances.

The Canadian dollar settled at US$0.7444 or US$1=C$1.3433 on Thursday, which compares with Wednesday’s close of US$0.7403 or US$1=C$1.3508.

Comments from United States Federal Reserve chair Jerome Powell on Wednesday indicating the U.S. central bank would be taking a less aggressive stance on interest rate hikes going forward weighed on that country’s currency. While the comments were supportive for the Canadian dollar, they also heighted ideas that the Bank of Canada may also slow its own interest rate hikes.

Meanwhile, expectations that China may be easing its strict COVID-19 restrictions underpinned crude oil, although uncertainty ahead of an OPEC+ meeting this weekend kept some caution in the market.

West Texas Intermediate up by 1.1 per cent at US$81.43 per barrel.

The TSX Composite Index was stronger, up 72.19 points or 0.35 per cent to close at 20,525.45 points.

Canada’s agricultural sector performed as follows:

Buhler Ind.———————-    $ 0.00    at $  1.83

Linamar Corp.——————–up  $ 0.14    at $ 66.17

Maple Leaf Foods—————–dn  $ 0.27    at $ 25.17

Nutrien Ltd.———————dn  $ 2.54    at $105.57

Ritchie Bros Auctioneers Inc.—-dn  $ 0.90    at $ 72.85

Farmers Edge Inc.—————-dn  $ 0.015   at $  0.295

(All figures are in Canadian dollars.)